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Net Entertainment Jan-Jun 2011

Another great interim report from Net Entertainment. They do very well. New products, new markets and continued growth

Net Entertainment’s Series B shares is traded on the NASDAQ OMX Stockholm, Mid Cap. Trend over the last 6 months. I also added "Software" and "Information technology" sectors as comparison

Key figures

 Revenues for the first six months increased by 10.2 % to SEK 195.1 (177.1) million

 Operating profit amounted to SEK 53.5 (68.6) million

 Operating margin was 27.4 (38.7) %

 Profit after tax amounted to SEK 48.0 (61.4) million

 Earnings per share amounted to SEK 1.21 (1.55) before and after dilution

 Two new license agreements were signed, and four new customers’ casinos were launched

SUMMARY OF THE FIRST SIX MONTHS

Revenues during the period January-June amounted to SEK 195.1 (177.1) million, an increase of 10.2 percent compared to the same period 2010. Operating profit amounted to SEK 53.5 (68.6) million and the operating margin was 27.4 (38.7) percent.

The Group's expenditure for capitalized development projects as intangible assets amounted to SEK 37.8 (29.2) million for the first six months. Investments in property, plant, and equipment amounted to SEK 7.2 (9.5) million.

The Group’s cash flow from operating activities for the first six months amounted to SEK 79.3 (84.3) million. Cash flow from investing activities amounted to SEK -76.6 (-79.1) million.

By the way. They say this about their new slot "Frankenstein" (+ a new Universal game next year):

At the end of June “Frankenstein” was released, a video slot which is based on the classic movie with the same name. Despite launching the game during a period of the year which in general has lower gaming activity, the initial development has been very positive. Frankenstein is priced separately due to to the license fee payable to Universal who holds the rights to the brand. During the quarter the partnership with Universal was extended with an additional well known brand which will constitute the base for a game scheduled to be released during the first half of 2012.

To say something about operating profit and operating margin. Many will probably think this looks a bit bad when only reading the figures, but I will say it is as expected+.

Europe is currently the most important gambling market in the world. And Italy is the second largest market in Europe. Net Entertainment have used resources on the preparation for the Italian launch. They are now in a great position to be well established there and these investments will pay back in later quarters. They have also strengthen their organization in other fields. There is no surprise that their EBIT and net profit margin would show a reduction with these costs. This together with their great revenue growth shows us that they are doing well.

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